Internal Revenue Bulletin:
2009-7

February 17, 2009

INCOME TAX

Final, temporary, and proposed regulations under section 482
of the Code provide guidance with respect to the sharing of costs
and risks under cost sharing arrangements. The regulations replace
the existing guidance under regulations section 1.482-7 to provide
clarification and additional guidance regarding the scope and valuation
of the external inputs for which arm’s length consideration
must be provided as an entry condition into cost sharing (“buy-ins”
under former regulations section 1.482-7), as well as to address other
technical and procedural issues that have arisen in the course of
administering the cost sharing rules. A public hearing on the proposed
regulations is scheduled for April 21, 2009.

Final, temporary, and proposed regulations under section 482
of the Code provide guidance with respect to the sharing of costs
and risks under cost sharing arrangements. The regulations replace
the existing guidance under regulations section 1.482-7 to provide
clarification and additional guidance regarding the scope and valuation
of the external inputs for which arm’s length consideration
must be provided as an entry condition into cost sharing (“buy-ins”
under former regulations section 1.482-7), as well as to address other
technical and procedural issues that have arisen in the course of
administering the cost sharing rules. A public hearing on the proposed
regulations is scheduled for April 21, 2009.

Section 382. This notice provides
additional guidance regarding the application of section 382 treatment
of interest in a loss corporation acquired by the federal government
pursuant to the Emergency Economic Stabilization Act of 2008 (EESA).
Notice 2008-100 amplified and superseded.

Substitute tax forms and schedules. Requirements are set forth for privately designed and printed federal
tax forms and conditions under which the Service will accept computer
prepared and computer-generated tax forms and schedules. Rev. Proc.
2007-68 superseded.